Dismantling a fraud ring of tens of thousands of billions of dong through virtual currency
The police agency has just dismantled a network of activities "Violating regulations on multi-level marketing" and "Using computer networks, telecommunications networks, and electronic means to commit acts of property appropriation" through the form of mobilizing financial investment in virtual cryptocurrencies on a large scale, operating nationwide.
Previously, through professional work, in June 2025, Lao Cai Provincial Police discovered a group of subjects organizing conferences in Lao Cai province with the purpose of mobilizing people to invest financially in virtual cryptocurrencies, which do not exist on the market, with signs of "Violating regulations on multi-level marketing" and "Using computer networks, telecommunications networks, and electronic means to commit acts".appropriation of property".
Identifying this as a large-scale fraud ring operating nationwide, the Director of Lao Cai Provincial Police Department directed the establishment of a special project and concentrated forces to fight and destroy it. On August 24, the Provincial Police Department coordinated with the Department of Cyber Security and High-Tech Crime Prevention and Control, the Criminal Police Department, the Ministry of Public Security to deploy 6 working groups with nearly 100 officers and soldiers to simultaneously crack down on the case and conduct searches at many locations nationwide (Lao Cai, Hanoi, Ho Chi Minh City, Gia Lai...).
As a result, 25 subjects were arrested, including the mastermind of the ring and all related subjects. Through the investigation and verification, it was initially determined that the subjects had organized illegal transactions with an amount of up to tens of thousands of billions of VND. The Investigation Police Agency promptly froze accounts and assets with a total value of over 400 billion VND.
At the police station, the subjects confessed that they had created apps and websites to post information about a virtual cryptocurrency that did not exist on the market, then called on uninformed people to invest real money to buy virtual cryptocurrency. The subjects also instructed customers to call on many people to invest to receive commissions (in a multi-level marketing method). However, the subjects did not allow withdrawal of principal in order to appropriate the victims' assets.
Currently, the Lao Cai Provincial Police Department is continuing to investigate and clarify the subjects' behavior according to the provisions of the law.
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